Palm & lauric boosted by lower feedstock cost.

Refining margin had narrowed from 2Q15, as we understand some of the CPO feedstock had been fixed; while product prices continue to weaken. We expect this trend to reverse in 4Q15, in line with recovery in prices.

The group had recently completed its refining capacity expansion of 1.2m MT p.a., which brought its total capacity to 4.7m MT p.a.

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